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I-09.01 Bitnec Corporation acquired three separate investments at the beginning of the year. Information about each acquisition, the dividends declared and paid during the year, income, and year-end stock price, follows: INITIAL INVESTMENT Purchased 50,000 shares of Lynch Corporation at $11 per share. This investment was made with the intent of near-term trading profits. Lynch Corporation has 5,000,000 shares outstanding. Purchased 10,000 shares of Graham Corporation at $20 per share. This investment was generally considered to be long-term with no particular plans for near-term trading. Graham Corporation has 2,000,000 shares outstanding. Purchased 40% of the shares of Buffet Corporation at $30 per share. This investment was generally considered to be long-term with plans to exert significant influence. Buffet Corporation has 1,500,000 shares outstanding. DIVIDENDS Lynch Corporation declared and paid dividends of $0.50 per share. Graham Corporation declared and paid $2,000,000 in dividends. Buffet Corporation declared and paid dividends of $0.25 per share. NET INCOME Lynch Corporation reported net income of $4,000,000 for the year. Graham Corporation reported net income of $7,000,000 for the year. Buffet Corporation reported net income of $1,200,000 for the year. YEAR END STOCK PRICE Lynch Corporation's closing stock price at the end of the year was $13 per share. Graham Corporation's closing stock price at the end of the year was $15 per share. Buffet Corporation's closing stock price at the end of the year was $33 per share. (a) Prepare journal entries, as necessary, to account for the initial investment, dividend, and year-end stock price for the investment in Lynch Corporation. (b) Prepare journal entries, as necessary, to account for the initial investment, dividend and year-end stock price for the investment in Graham Corporation. (c) Prepare journal entries, as necessary, to account for the initial investment, dividend and year-end stock price for the investment in Buffet Corporation. Name: Date: I-09.01 Section: (a) GENERAL JOURNAL Date Invest Dividend Income Price Accounts Debit Credit Name: Date: I-09.01 Section: (b) GENERAL JOURNAL Date Invest Dividend Income Price Accounts Debit Credit Name: Date: I-09.01 Section: (c) GENERAL JOURNAL Date Invest Dividend Income Price Accounts Debit Credit Name: Date: Section: I-09.01